Section OP 23 — Income Tax Act 2007: Consolidated ICA elimination of double debit

OP 23 Consolidated ICA elimination of double debit When this section applies (1) This section applies when an imputation debit in a consolidated imputation group’s imputation credit account under section OP 42 has the effect of cancelling an imputation credit under section OP 8 . Credit (2) The consolidated imputation group has an imputation credit for an amount that equals the amount of the debit referred to in subsection (1), and either— (a) another debit arises under section OP 32 for a refund or transfer of the deposit on a debit date that is after the debit date for the debit for loss of shareholder continuity; or (b) the deposit is taken into account under sections RP 19 and RP 20 (which relate to transfers from tax pooling accounts) in determining the balance of the company’s tax account with the Commissioner after the debit date for the debit for loss of shareholder continuity. Table references (3) The table references are as follows: (a) the imputation debit in subsection (1) is referred to in table O20: imputation debits of consolidated imputation groups, row 16 (debit for loss of shareholder continuity): (b) the imputation credit in subsection (1) is referred to in table O19: imputation credits of consolidated imputation groups, row 3 (deposit in tax pooling account): (c) the imputation credit in subsection (2) is referred to in table O19: imputation credits of consolidated imputation groups, row 18 (elimination of double debit): (d) the imputation debit in subsection (2)(a) is referred to in table O20: imputation debits of consolidated imputation groups, row 6 (refund from tax pooling account). Credit date (4) The credit date is the day— (a) the deposit is refunded; or (b) a credit arises in the company’s tax account with the Commissioner. Defined in this Act: amount , Commissioner , company , consolidated imputation group , deposit , imputation credit , imputation credit account , imputation debit , shareholder , tax account with the Commissioner , Compare: 2004 No 35 s ME 11(1A), (2A)